Federal agency sets loan record, double 2001 total

Rob KaiserCHICAGO TRIBUNE

The Small Business Administration set a record with the number of loans it guaranteed in fiscal year 2004, which ended Sept. 30.

During the year, the agency backed nearly 75,000 loans worth $12.5 billion in its flagship 7(a) program and more than 8,000 loans worth $3.9 billion in its 504 loan program. The total number of loans made through those two programs is more than double the number made in fiscal year 2001, according to an SBA news release.

Nearly a third of the SBA-backed loans went to minority-owned firms. The number of loans to firms owned by African-Americans was up 32 percent, compared to last year, while they increased 31.7 percent at Hispanic-owned firms and 33.7 percent at Asian-owned firms, according to the SBA.

Loans to women-owned businesses were up 27.3 percent, and loans to veteran-owned firms were up 21 percent.